The Carnival in Rio is normally a cause for celebration, as people pour on to
the streets for a week of dancing, singing and drinking. But for the world’s
biggest brewer, this year’s Carnival, a prelude to the abstinence of Lent,
caused a huge hangover.

The early timing brought a premature end to the summer and, with it, one of
the peak periods for beer sales.

The resultant 8.2 per cent slump in first-quarter volumes in Brazil was one of
the key factors as Anheuser-Busch InBev, which speaks for two thirds of the
country’s beer market, missed market forecasts with